The Absa Board has removed businessman, Sipho Pityana, as a Director with immediate effect.
According to a statement from the Absa Group, their decision to remove him is due to his alleged recent conduct, which amounts to dereliction of duty.
It says that Pityana had pursued his own personal interests to the detriment of the bank – causing sustained and irresoluble conflict.
ABSA Board fires Sipho Pityana with immediate effect
Last month, Pityana instituted legal action against both Absa and the South African Reserve Bank for allegedly blocking his appointment to the chairmanship position at Absa.
n a statement, Absa did not provide reasons for its decision to demote Pityana.
A female employee at AngloGold Ashanti where Pityana served as the Chairperson of the Board has accused him of sexual harassment, which he has vehemently denied.
In terms of the law, shareholders can only remove a Board member through a vote during an annual general meeting.